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USDA's February 24 outlook forum projected smaller 2017 U.S. crops: corn at 14.065 billion bushels (down 7%), soybeans at 4.18 billion (down 3%), and wheat at 1.837 billion (down 20%). The wheat decline reflects a 3.8-million-acre cut in winter wheat seedings, the lowest in 108 years.
Lower projected corn, soybean and wheat supplies, with ending stocks for corn and wheat tightening, support feed grain prices and raise the cost of feed ingredients for buyers.
farmprogress.comBob BurgdorferFeb 24, 2017After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
